Del Monte Foods filed for Chapter 11 bankruptcy to restructure and manage debts between $1 billion and $10 billion owed to over 10,000 creditors. The company secured $912.5 million in financing to keep operations running during the restructuring process. CEO Greg Longstreet emphasized that a court-supervised sale is crucial for turning around the company and positioning it for long-term success. The bankruptcy filing specifically affects the US operations while its international subsidiaries continue to function normally, ensuring that products remain on grocery store shelves.
CEO Greg Longstreet stated ‘court-supervised sale process is the most effective way to accelerate our turnaround and create a stronger and enduring Del Monte Foods.’ This approach highlights the company's strategy to restructure its debts and improve its financial standing.
Del Monte Foods reported debts of between $1 billion and $10 billion to over 10,000 creditors. The company is looking to shed old debts through its Chapter 11 bankruptcy filing, ensuring it remains operational.
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